Industry & Regulatory NewsBill Passed by Senate Would Replenish Paycheck Protection Program
The U.S. Senate on Tuesday overwhelmingly passed the Paycheck Protection and Healthcare Enhancement Act, legislation that would provide $320 billion in additional funding to the Small Business Administration’s Paycheck Protection Program (PPP). This lending program is intended to help small employers retain employees on their payrolls during the coronavirus (COVID-19) pandemic and resulting economic emergency. The legislation would also provide funding for hospitals dealing with the immediate effects of the pandemic, and, specifically, for enhanced COVID-19 testing.
Industry & Regulatory NewsPBGC Provides Coronavirus-Related Filing Relief
The Pension Benefit Guaranty Corporation (PBGC), the agency that insures benefits in certain single-employer defined benefit pension plans, has posted an announcement describing deadline relief being provided as a result of the coronavirus (COVID-19) pandemic.
Industry & Regulatory NewsFAQs Affirm Employee Benefits Eligible as “Payroll” for Payroll Protection Program Loans
Scheduled to be published in the Federal Register is an interim final rule issued by the federal Small Business Administration (SBA), guidance that includes frequently-asked-questions (FAQs) on Payroll Protection Program (PPP) loans available to small businesses to help them maintain their workforce during the coronavirus (COVID-19) pandemic. Businesses with no more than 500 employees—including not-for-profits and sole proprietorships—can apply for these low interest and potentially forgivable SBA loans if certain conditions are met.
Industry & Regulatory NewsIRS Guidance Extends Many Tax-Related Deadlines in Response to COVID-19 Pandemic
On April 10, 2020, the IRS issued Notice 2020-23, guidance that expands the range of time-sensitive tax-related actions whose completion can be delayed to July 15, 2020. This extension is being provided as a result of the disruptions caused by the coronavirus (COVID-19) pandemic. The IRS had previously extended from April 15 to July 15 the deadline for filing individual and business tax returns, and for making IRA, HSA, and certain employer-sponsored retirement plan contributions.
Industry & Regulatory NewsIRS Notice Greatly Expands Actions Whose Deadlines Are Extended to July 15
The IRS has issued Notice 2020-23, guidance that expands the number of time-sensitive tax-related actions whose completion can be delayed to July 15, 2020. The extension is being provided as a result of disruptions caused by the coronavirus (COVID-19) pandemic. (The IRS had previously extended from April 15 to July 15 the deadline for filing individual and business tax returns, and for making IRA, HSA, and certain employer-sponsored retirement plan contributions.)
Industry & Regulatory NewsIRS Provides Guidance for Employers to Claim Tax Credits for Emergency Paid Sick Leave Act and Expanded FMLA Payments
The IRS has posted at its website much-anticipated guidance for claiming tax credits for amounts paid by employers under the Emergency Paid Sick Leave Act (EPSLA) and the Emergency Family and Medical Expanded Leave Act (Expanded FMLA), as provided in the Families First Coronavirus Response Act (FFCRA). The guidance contains 66 FAQs that cover all aspects of the tax credits.
Industry & Regulatory NewsIRS Provides Guidance on HSAs and Associated HDHPs, and Coverage of COVID-19 Testing
The IRS has issued Notice 2020-15, addressing requests made to the agency for health savings account (HSA)-related guidance as the nation responds to the challenges of the COVID-19 (coronavirus) outbreak in the U.S. and worldwide.
Industry & Regulatory NewsIRS Provides Additional Cafeteria Plan Flexibility in Response to Pandemic
The IRS has issued two notices that provide additional flexibility to participants in cafeteria plans as a result of the coronavirus (COVID-19) pandemic. Notice 2020-29
Industry & Regulatory NewsHouse Bill Would Extend, Expand Tax Benefits for CRDs
Rep. Sean Maloney (D-NY) has introduced H.R. 7645, legislation that would extend the time period for taxpayers to withdraw coronavirus-related distributions (CRDs) from retirement savings arrangements and receive the special tax benefits that CRDs provide. Certain withdrawals could be tax-free under the legislation.
Industry & Regulatory NewsWashington Pulse: New Coronavirus Law Provides Retirement Plan and Healthcare Relief
With virtually every part of the U.S. economy facing unexpected financial challenges from the coronavirus (COVID-19) pandemic, Congress has passed the largest relief package in U.S. history. Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act is designed to assist the millions of Americans affected by the outbreak. The legislation has multiple provisions that affect retirement and health savings arrangements.